Notore Chemicals secures US$36.51m facility from Afrexim Bank to fund turnaround plant maintenance

NIGERIA – Notore Chemicals has secured a N13.2billion (US$36.51 million) loan for much need equipment maintenance.

Notore Chemicals Plc is one of the leading fertilizer and agro- allied industries in Africa and operates the premier fertilizer plant in sub-Saharan Africa that produces Ammonia and capacity to produce NPK fertilizer.

The company has activities in the supply of premium fertilizers, provision of appropriate education on best practices for farming and proper deployment of these practices for better results.

The company says that in the recent years, its operations have began to have a positive impact on agricultural yields while ensuring improved standards of living for the estimated 14 million farming households in Nigeria.

The company said in a statement that the loan was secured from the African Export-Import Bank for the planned turnaround maintenance (TAM).

It announced that the commencement of the TAM of its plant was aimed at returning the plant to its 1,500MTPD and 500,000MTPA nameplate urea production capacity.

It said it would also increase reliability index from the current level of 67 per cent to 95 per cent.

According to the statement, following the drawdown of the N13.32bn loan facility from AFREXIM Bank, the company has started ordering all key components for the maintenance.

It stated that the TAM project would include the procurement of critical spare parts required to sustain the nameplate capacity of the plant and installation of a back-up power supply to the current gas turbine generator.

“Upon procurement of all the key components and critical spares required, the objective is to accomplish the maintenance activities within a period of 30-day production to production,” the statement said.

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